84mo 3.24% option listed in Tesla Lending page now

[SageBrush]

Absolutely not.

If you take out a loan for $94k, pay nothing up front, you pay the full length of the loan.
If you take out a loan for $100k, and pay $6k upfront (i.e. first payment) you reduce the length of your loan by several months.

Also, comparing month-to-month (looking at the amortization table), if you do the 2nd option, you will owe less money than if you do the former option. Not by a lot (anywhere from $50 to $6k, depending where on the loan you are), but that helps with being less upside down.

Assuming identical APR, and loan lengths

You are correct, because the $100k loan followed a schedule with a higher monthly payment. You can always add the ~ extra 90 dollars to the $94k car payment and as a result be less upside down by ~ $1000 faster a year.

 

[krazineurons]

Double like for leveraging a HELOC. It's a great safety net without having to keep liquid cash sitting in some 'savings' account. I get my house appraised every other year just to get an adjusted line. Given the appreciation in the past few years (in TX), it's been great so far.

So you ask the existing lender to upgrade the HELOC amount or close Existing HELOC and open a new one?

 

[Max*]

So you ask the existing lender to upgrade the HELOC amount or close Existing HELOC and open a new one?

My lender has an "Increase HELOC limit" button right on the website.

They do an appraisal, close out the old one, open a new one, and you're done. I did it once, tripled my HELOC amount. Don't think I'll ever need an increase now.

 

[SageBrush]

I also keep a HELOC for low cost liquidity. It works great, but woe to the person who turns it into a casual ATM.